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Famed British entrepreneur Sir Richard Branson, founder of the Virgin Group of companies, was on hand at E3 in Los Angeles this week to launch his latest business venture in the games market. Branson unveiled the new Virgin Gaming company, which is set to be a competitive online portal for PlayStation and Xbox 360 gamers looking to make a bit of cash from their hobby.

Branson’s new Virgin Gaming website will let console gamers organise competitive matches and take part in official Virgin Gaming tournaments. Super competitive gaming “Gamers want something new, something interactive and something fun. Virgin Gaming is just that – access to play the best games in super competitive tournaments with anyone in the world and win the biggest prizes and the most rewards,” said Branson, promising a $1-million prize fund for gamers in the first year of the service